Ecuadorean President Lenin Moreno on Friday proposed a new tax on corporations a...
QUITO - Ecuadorean President Lenin Moreno on Friday proposed a new tax on corporations and a simplification of the tax system to improve government finances after a plan to eliminate fuel subsidies was met with violent demonstrations.
Indigenous protesters led almost two weeks of demonstrations after Moreno announced he would eliminate decades-old subsidies on diesel and gasoline. He walked back the measure and promised dialogue to find different ways to close the fiscal deficit. Citizens with annual income above $100,000 will not be able to deduct personal expenses from their income tax. The plan also includes a tax on plastic bags and electronic cigarettes.The tax reform proposal had been part of a broad agreement with the International Monetary Fund for about $4.2 billion in financing that had also included changes to labor regulations.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pernod Ricard mulls price hikes in U.S. post tariffsThe boss of Pernod Ricard said on Thursday that trade tariffs that will apply to...
Read more »
European trade war: New US tariffs due on European wine, cheese Friday
Read more »
Treasury yields edge lower as traders await economic data amid trade cautionU.S. government debt prices prices fluctuated Thursday morning as dampened trade optimism and weak data held back a solid start to the earnings season.
Read more »
The cost of Ecuador’s surrender on fuel subsidiesLenín Moreno's mistake was not to end fuel subsidies but to fail to prepare the ground for that
Read more »
South African Reserve Bank chief says debt rating downgrade may be priced inA possible downgrade of South Africa's credit rating on November 1 may already be priced into markets, but structural reforms are still needed, the country's central bank governor has told CNBC.
Read more »
Thousands protest in Beirut over tax hikes as country declares economic emergencyProtesters blocked roads across Lebanon with burning tires, broadcasts showed, the second time in less than a month Lebanon has seen demonstrations expressing anger at the political elite.
Read more »